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U.S.Dollar/Japanese Yen (USDJPY) Day Chart Elliott Wave Technical Analysis 6 September 23

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USDJPY Elliott Wave Analysis Trading Lounge Day  Chart, 6 September 23
U.S.Dollar/Japanese Yen (USDJPY) Day Chart
USDJPY Elliott Wave Technical Analysis
Function:  Counter Trend
Mode: impulsive
Structure:5 of C of Z
Position: Red wave 2
Direction Next lower Degrees:Red wave 3  
Details: Red wave 5 of C of Z in play and near to end , After that new Downtrend will start. Wave Cancel invalid level: 151.983
The USDJPY Elliott Wave Analysis for 6 September 23, is conducted on the day chart of the U.S. Dollar/Japanese Yen currency pair (USDJPY). This analysis offers traders important insights into potential market movements and wave patterns, utilizing the Elliott Wave theory.
The Function of this analysis is identified as Counter Trend, which implies that the focus is on identifying possible corrective or reversal phases within the broader market trend. This information is particularly useful for traders looking to seize opportunities during counter trend movements.
The Mode is characterized as impulsive, indicating a strong and powerful market movement. Impulsive modes often suggest significant price action and potential trading opportunities for traders who aim to align with the prevailing market direction.
The Structure is described as 5 of C of Z, signifying the current phase within the Elliott Wave pattern. Specifically, this suggests that the market is currently in the fifth wave of a corrective pattern labeled as C of Z. Understanding the current wave's position within the broader Elliott Wave structure is crucial for traders.
The Position indicates that the market is presently in the Red wave 2 phase. This information provides clarity regarding the current wave count within the larger Elliott Wave pattern, assisting traders in understanding the market's position in terms of wave analysis.
The Direction Next Lower Degrees underscores the importance of Red wave 3, suggesting that the market is anticipated to continue moving in the direction of this third wave at a lower degree. This insight assists traders in aligning their trading strategies with the expected market direction.
The analysis highlights that Red wave 5 of C of Z is currently in play and nearing its completion. This indicates that the market is within the fifth wave of a corrective pattern, providing traders

with information that can be used to identify potential entry and exit points or assess overall market sentiment.
The Wave Cancel invalid level is specified as 151.983, serving as a reference point for traders to evaluate the validity of their analysis. This level helps traders determine whether their trading strategies align with the current market conditions.
In summary, the USDJPY Elliott Wave Analysis for 6 September 23, provides traders with valuable insights into potential market movements based on Elliott Wave theory. By examining the Function, Mode, Structure, Position, Direction, and key wave levels, traders can make more informed trading decisions. However, it's crucial to combine this analysis with other technical and fundamental indicators for comprehensive decision-making and risk management.
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